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Brazilian Development Bank Launches Blockchain Network

The Brazilian Development Bank has officially launched the Brazilian Blockchain Network, a structure designed to aid other institutions in the country in increasing public transparency. The launch, which was also assisted by the Court of Accounts of the Union, serves to call more institutions to adhere to this project, which aims to have its first applications ready for 2023.

Montezano also stated that the next step for the Brazilian Blockchain Network would be to get out of the lab structure and establish a working production prototype, so other third parties can focus on building apps on the network.

The network is still in its experimental stages in the laboratories of these institutions, and is expected to present working applications by 2023.

One of the biggest problems that this network seeks to solve is the distrust that Brazilians have of state institutions. Wesley Vaz, who is a director of the Information Technology Inspection Department of the Court of Accounts of the Union, believes that moving public processes to a blockchain, and making them follow established constraints can help with this issue.

These blockchain rules and constraints will be designed to substitute today’s standard procedures. Montezano explained that the project has the potential of achieving these objectives. He stated:

The Brazilian Blockchain Network can definitely change the functioning of the public machine in terms of transparency, efficiency and security.

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